Paris: Qatar has made a range of improvements to its AML/CFT regime in recent years, and its technical compliance with the FATF Standards is very strong, whereas its regime fulfilled all 40 Recommendations, the Financial Action Task Force (FATF) has said.
During the discussion on the Mutual Evaluation Report (MER) of Qatar's AML/CFT/CPF regime at its Plenary held in Paris between February 20 and 24, 2023, the FATF also highlighted that Qatar has taken positive steps to develop a stronger national understanding of money laundering and terrorism financing risks, confiscate criminal assets, supervise the financial and non-financial sectors, and implement targeted financial sanctions for terrorism financing.
The Plenary concluded that Qatar needs to make further improvements in certain areas, and FATF will publish Qatar's final report by May 2023.
HE Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, expressed in his speech during the Plenary, Qatar's gratitude to FATF and the member states.
His Excellency noted that Qatar concentrated significant efforts in this field, and has updated its AML/CFT Law, relevant rules and regulations to ensure the required effectiveness and enhance compliance with FATF standards, in addition to strengthening the CFT Law to enable full implementation of the targeted financial sanctions.
His Excellency added that during the past ten (10) years, the State of Qatar implemented strategic and regulatory reforms to strengthen its AML/CFT framework in line with FATF standards and international best practices, pointing out the need for more diligent, sophisticated and constant work to keep pace with emerging challenges, stressing that the State of Qatar will continue to that end to reinforce its national regimes and capabilities.
His Excellency also emphasized Qatar's constant endeavours and pursuit to work closely with international partners to combat cross-border financial crime, and its keenness to prioritize bilateral and multilateral cooperation and connections, as well as regional efforts and capacity-building.
HE the Governor of Qatar Central Bank concluded by reaffirming Qatar's ongoing commitment to combat money laundering, terrorism financing and financing of proliferation.
